How tax forms are completed

I’ve had a query from a member about how Self Employed Sole Traders file their tax returns and I thought the answer should be somewhere that everyone can find it.

Broadly…. unless you are always PAYE you will need to be registered for self-assessment with a UTR (Unique Taxpayer Reference). You will register to fill out the forms in the usual way, but here is what is actually happening – the forms that you are filling in:

    • Everyone fills in a range of forms that, between them, create an SA100 which is the summary form of your taxable income. This can be done online, so it may all be a bit seamless without everyone being fully aware of the name of the form they are completing.
      • The SA103 (declaration of self-employed income) and there is SA103S (s = short) option for people with less than £85k turnover, and the SA103F (f = full) version is for if turnover is over £85k.
      • Employee’s employment income is recorded on SA102
    • CT600 is for companies – their Corporation Tax form. This has to be done within twelve months of your Accounting Reference Date (usually the anniversary of the date the business was incorporated unless you agreed a change with HMRC).

There are other forms for rental income, foreign income, income from investments, interest payments, etc. As ever, read this bearing two things in mind:

  1. Tax For Freelancers is available through the Bectu website to all members, and…
  2. The usual footnote to all posts like this: all information that this blog provides is only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, and it should not be used in place of professional advice. Also, things may have changed since the date that I posted this…
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1 Response to How tax forms are completed

  1. Pingback: Your first freelance tax bill – beware ‘payments on account’! | Bectu Freelance Research

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